The Palatka daily news. (Palatka, Fla.) 1884-1888, 1887-03-11
SULLYs PARTY CONSULTING OVER
THE GARRETT OPTION.
Further Proceedings i'm the Negotiation
The Express and Telegraph Coma
panies Not Included In
the Sale.

Company had session to-day, to con-
slider two propositions relating to the
purchase of Baltimore & Ohio stock, un-
der the option given by Robt. Garrett to
Alfred Sully. One of the directors said
before the meeting that the proposition
most likely to he adopted, is that the
syndicate shall take stock in their inter
minal full board of directors approve of
the action of the Executive Committee.
Ii will then be placed ON the collateral
Trust and the Richmond & Terminal will
either consolidate Baltimore & Ohio with
their system or operate it separately as a
proprietary road. The Baltimore & Ohio
track from Baltimore and Washington
to Philadelphia will be used as trunk
line for business of its own western
lines and other roads in the Richmond
Terminal system.
The Pennsylvania road has no interest
in the deal nor has the Western Union.
1t is simply Richmond Terminal ar
rangement and has no similarity to the
sale of the Vanderbilt holders of the
New York Central to the London syndi-
cate. The purchase of the minority
stock is not being considered.
The meeting of the Richmond Termi-
nal Executive Committe adjourned to
meet at the call of Mr.. Sully but all in
formation is refused as to their actions.
Members intimate that they are pledged
to- secrecy and Mr.. Bryce is quoted as
saying that premature publication of the
proposed plan may interfere with the ac-
cumuiation of the majority of stock
(which Mr.. Garrett agreed to deliver.
1He also stated that he thought Mr.. Gar
rett only wanted to make a nominal sale
for the purpose of amalgamating the
baltimore and Ohio system with the Rich
mond Terminal. This MIR. Bryce says he
is willing, as director of the Terminal
Company. to accede to. After the adj
journment of the Committee several of
directors met and all the circumstances
confirm the directors statements made
before the meeting was called to- order.
BALTIMORE, March 1O.-Mr. Robert
: Garrett this afternoon virtually admit
tel to- u prominent BaltimOrean, that
there was considerable truth in the news
would give no definite idea of the par
ticulars of the scheme, but, from his re-
marks. the inference was drawn that the
Baltimore and Ohio Railroad has become
n factor in the syndicate that is to con
troll something like nation railway,
reaching from Canada to the Gulf of
Mexico and probably from New York to
the extreme West. II is generally be-
lieved that the biggest railroad deal on
record has been or is about to be made,
and the passage of the Interstate Com
merce Bill hurried the affair to a ssttle-
ment. Mr.. Sully has been active in ar
ranging the details of the scheme, and
he is the only one positively known to be
connected with it. but complete chair
is believed tn have been formed of com
panies operating connecting roads run
ming the entire length of the North
American Continent. Opinions differ as
to whether a single share of Baltimore
and Ohio stock has or will be transferred
but the belief is gaining ground that the
deal involves not only the road itself but
also its telegraph, express and sleepics
car interests. -
The widest sort of talk is iMulged in,
but no actual lfaGtscan be obtained from
anyone m position To know anything
about it. Many are inclined to believe
that the stock, seventeen Thousand
shares. held by John s. Hopkins
trustees, or at least considerable por-
ton of it. has been placed under the con-
tract of the new syndicate, but thirty
two thousand sbares held by the city of
Baltimore cannot be touched without a
special act of the city council. Thirty
shares left in trust by the late John w.
Garrett can be disposed of as the will
did not forbid sale but simply advised
that il be held i'm trust for twenty years,
so that the controlling interest might be
secured if advantageous terms were
offered.
Mr.. Garrett to-day told n gentleman
at the Merchants Club that he might
AfSt hSNuitNt ttttt WAS
would be for the best interests of Balti-
more but further information he could
not give just now. From this it was infer
red that the scheme was not fully consul
mated and that important development
might be expected in the near future.
NoTE.--The New York Times of
"Wednesday announced that il was au-
thorized to state that the control of the
Baltimore and Ohio had passed into the
hands of Alfred Sully, of New York,
who, it is said, had written contract
by virtue of which President Robert
Garrett put him in possession. Il was
said that the control of the Baltimore
and Ohio Express and Telegraph COM
panies was included i'm the transaction
This would make the Sully party con-
trollers of what is probably the most ex-
tensive railway system in the world Ii
includes the Central Railroad of New
Jersey. the Philadelphia and Reading
system. the Richmond Terminal and
Richmond and Danviile properties. the
East Tennessee. Virginia & Georgia lines
the Central Railroad of Georgia, and
now. last Of all, the Baltimore and Ohio,
and of all the properties there is to be
made one great trunk line, with 1000
mikes of track There is NO longer to be